Algoma Steel hits record low after dull Q2 forecast

Algoma Steel

28/09/2022 15:47

** Canada's Algoma Steel Group Inc  ASTL.TO  hits record
low, tumbles as much as 16.1% to C$8.53 ($6.24)
    ** Steel products maker is biggest pct. loser on the S&P -
Toronto Stock Exchange Small Cap Index  .SPTSES 
    ** Expects Q2 2023 adj. EBITDA of C$75 mln-C$80 mln;
analysts on average expect C$104.28 mln as per Refinitiv
    ** ASTL says dour outlook reflects previously disclosed
operational challenges as well as continued decline in prices
for its finished products
    ** Says shipments declined to about 415,000-425,000 tonnes
for the quarter due to production shortfalls, caused by plate
mill issues and labor challenges
    ** At least three brokerages cut price targets
    ** U.S. shares fall as much as 16.3% to $6.21, also an
all-time low; stock among top pct. decliners across U.S.
exchanges
    ** Canadian stock has lost 25% YTD through Tuesday's close
($1 = 1.3678 Canadian dollars)
 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))